Chubb Limited (CB) SEC Filings & Earnings Calls

Underwriting margin compression from higher loss ratio

“P&C combined ratio 84.1% vs 81.8% prior year; loss and loss expense ratio 58.7% vs 56.7%”

Core operating income decline despite premium growth

“Core operating income $2,980M vs $3,048M -2.2%”

Adverse development on molestation-related claims

“Net adverse development for the three and six months ended June 30, 2026 and 2025, was driven primarily by adverse development for molestation-related claims.” · word for word

Net income declined 3.8% YoY due to lower realized/unrealized gains, but core operating income grew strongly.

“Chubb net income $2,854M vs $2,968M (-3.8%)”

Increased leverage from new debt issuance, but moderate relative to Chubb's capital base

“C$800M in new senior notes; interest rates 3.780% and 4.034%”

Investment portfolio unrealized losses

“Gross unrealized depreciation on fixed maturities $4,838 million at March 31, 2026 vs $3,948 million at December 31, 2025.”

Net realized losses on investments

“Net realized losses $(407) million for Q1 2026 vs $(116) million for Q1 2025.”

Catastrophe losses and reserve uncertainty remain risks, though Q1 showed improvement.

“P&C CAY underwriting income ex Cats $2,006M vs $1,827M; combined ratio improved but catastrophe exposure remains.” · word for word

Technological disruption in insurance

“Recent technological advancements in the insurance industry and information technology industry present new and fast-evolving competitive risks as participants seek to increase transaction speeds, lower costs, and create new opportunities.” · word for word

Integration risk from acquisitions

“Difficulties in integrating an acquired company, along with its personnel, may result in the acquired company performing differently than we expected, in operational challenges or in our failure to realize anticipated expense-related efficiencies.” · word for word

Swiss withholding tax on dividends

“Our dividends are generally subject to a Swiss withholding tax at a rate of 35 percent; however, payment of a dividend in the form of a capital contribution reserve reduction or par value reduction is not subject to Swiss withholding tax.” · word for word

Exposure to catastrophic events and reserve uncertainty remains a risk.

“Forward-looking statements mention frequency and severity of unpredictable catastrophic events, actual loss experience, and uncertainties in reserving.”

Loss of experienced executive, but succession planned

“Retirement of Vice Chairman and Executive Chairman North America Insurance; successor appointed”

Market risk benefits volatility

“Market risk benefits gains (losses) $(142) million for the three months ended September 30, 2025 compared with $(230) million for the three months ended September 30, 2024.”

Interest rate sensitivity

“Fixed maturities have gross unrealized losses of $3,930 million at September 30, 2025, primarily due to rising interest rates.”